What it does
Perpetual Protocol is a non-custodial derivatives DEX offering perpetual futures with up to 10x leverage. Trades run via a virtual AMM (vAMM) on Optimism and xDai, meaning users retain full custody and avoid centralized order-book limitations.Chain activity & volume
Recent 24-hour trading volume stands near USD 10.5 million - a solid figure for a protocol-only DEX. Open interest is roughly USD 500k across three main pairs. Spot volume appears modest at around USD 108k on derivative-focused aggregators.Fee structure
Perpetual Protocol applies a flat 0.10 percent fee per trade - same for makers and takers. No other platform fees apply apart from network gas on L2.Security & transparency
Fully on-chain execution means no central custody risk. Protocol offers a public bug bounty via Immunefi. There was a significant insurance event in 2021, involving settlement for a CREAM liquidation loss - indicating real risk cover. However, there’s no proof-of-reserves, and any external audit info isn’t widely referenced.User experience
Interface is lean and suitable for advanced traders. No KYC, no fiat onramp, and no mobile app - just wallet-based access with vAMM simplicity. Expanded tools include limit and stop orders, staking, and DAO governance.Community feedback
Feedback is generally positive on trustlessness, low fees, and speedy L2 execution. Some users point out limited asset coverage (only BTC, ETH, OP pairs) and a steep learning curve for new users.Strengths and weaknesses
Here’s a quick breakdown of its pros and cons:
Strengths:- Non-custodial perpetual trading with up to 10x leverage
- Reasonable volume (around USD 10M/day) and open interest (around USD 500k)
- Simple flat fee of 0.10 percent
- Bug bounty signals proactive risk management
- No sign-up or KYC, ideal for privacy-conscious users
- No proof-of-reserves or formal audits publicized
- Limited pair options restricts strategy diversity
- No fiat or card on-ramp - crypto door only
- Requires L2 familiarity and self-custody discipline
Who it suits
- Advanced DeFi traders with understanding of leverage and L2 systems
- Users seeking privacy, non-custodial control, and permissionless trading
- Those wanting predictable fees and vAMM-style execution
Who should steer clear
- Beginners looking for spot trading or fiat onboarding
- Users expecting large asset variety or mobile/KYC platforms
- Those seeking institutional transparency and reserves guarantees